NEW DELHI: The Economic Offences Wing (EOW) of the Delhi Police has initiated a case against the Mumbai-based Suraksha Group for allegedly misappropriating over ₹230 crore from Jaypee Infratech Ltd (JIL). This amount was intended for the construction of stalled residential flats for homebuyers.
Sources informed PTI that the Enforcement Directorate (ED) may file a new FIR against Suraksha Group and related parties in response to the EOW’s FIR.
On June 4, 2024, Suraksha Group took over JIL following the NCLAT’s decision to approve its acquisition bid.
The Corporate Insolvency Resolution Process (CIRP) for JIL began in August 2017, initiated by a consortium led by IDBI Bank. The NCLT approved Suraksha Group’s bid to acquire JIL on March 7, 2023.
The FIR, filed on January 1, is based on evidence and information provided by the ED, implicating Suraksha Group, its associated entity Lakshdeep Investments and Finance Pvt Ltd, and additional parties as accused.
The ED is investigating Jaypee Group companies—JIL and Jaiprakash Associates Ltd (JAL)—and their affiliates in a money laundering inquiry linked to a significant fraud and misappropriation of funds collected from homebuyers of Jaypee Wishtown and Jaypee Greens in Noida.
As part of its probe in June 2025, the ED communicated to the EOW under Section 66(2) of the Prevention of Money Laundering Act (PMLA), stating that Suraksha Group was implicated in diverting ₹235 crore intended for the construction of stalled apartments. This act is considered a breach of trust and cheating against homebuyers.
“The delayed equity infusion and allocation of substantial funds to entities linked to Lakshdeep Investments and Finance Private Limited and the ITI Group raises serious concerns about the potential misuse of resources intended for Jaypee Infratech Ltd homebuyers,” the ED noted in its communication.
The ED’s letter has been included in the EOW FIR, highlighting that Suraksha Realty’s financial conduct is inconsistent with the objectives of the resolution plan sanctioned by the NCLT.
Under Section 66(2), the ED is authorized to share findings regarding an offence with police or designated law enforcement agencies, allowing for fresh cases to be initiated against accused parties under anti-money laundering laws.
Suraksha Group has not yet commented on the situation. Earlier this week, the Group announced the completion of construction for nearly 6,000 units across 63 residential towers in Noida.
In its resolution plan, Suraksha Group proposed over 2,500 acres of land and approximately ₹1,300 crore through non-convertible debentures to bankers, and pledged to complete around 20,000 apartments in various stalled projects within four years.
